Imagine having an experienced team of professionals accompany you through the entire process of purchasing real estate in Mexico. You can rest assured that your interests as the buyer are protected at all times. Mexlaw has the experience and the competence to represent you through the entire process. Our professional team has the knowledge necessary to guide you through the intricacies and customs of the Mexican Real Estate market while providing you with a familiar format in concluding the transaction and insuring your title. Because we are Canadian and American certified lawyers, we can also provide you with fully insured Escrow Services.
Real Estate Legal Services
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MEXLAW CAN ASSIST YOU WITH:
OUR PROCESS:
FOREIGNER PURCHASING PRE-SALE IN MEXICO:
Pre-sale has become a very popular purchasing process as it offers benefits such as a reduced price, first choice of condo, and developers may include other incentives such as upgrades or furnishing packages depending on the stage of construction.
MEXLAW CAN ASSIST YOU WITH:
OUR PROCESS:
STEPS TO TAKE WHEN YOU DECIDED TO PURCHASE PROPERTY
Once you have decided to purchase property in Mexico, we will suggest that you complete the following steps. You can contact one of our offices in order to arrange for an appointment to meet with a lawyer who will assist you with the documents required and with the process. There is no fee for this service.
CLOSING DOCUMENTS
Our in-house legal counsel will collect and verify all the documents necessary for the transaction. We will accompany, assist and review the Notary Public’s work before closing. Once all the documentation and title research is concluded the seller and the purchaser will execute a Deed of Sale by which title is transferred. This deed is referred to as an “Instrumento Público” which is the final document attesting to your acquisition of the rights relating to the property and which will be recorded at the Public Registry. At this point the remaining closing costs must be paid. This includes the real estate transfer tax, the personal property and value added tax, the final appraiser fees, the final notary closing fees, bank fees (if applicable), prorated taxes and assessments for the remaining portion of the calendar year, working capital (if necessary), and other costs which are identified for you on the Estimated Closing Costs which we will provide. These amounts will be confirmed to you before signing the Deed of Sale. All public documents must be prepared in Spanish, however we will providean English translation for your information. Please note that in case of any discrepancy only the Spanish version shall prevail. If you have any questions throughout the process you can contact our legal department.
POST-CLOSING
Once the deed of sale has been signed, MexLaw will verify that all the taxes, condo fees, and utility services are paid up to date. According to Mexican law, the buyer’s rights may be contested by a third party if the title has not been registered. Our lawyers will verify to ensure that the deed is recorded at the Public Registry.We also stand by our Title Guaranty by providing a certificate that the title is free and clear and cannot be contested. As the buyer, you should receive a copy of the title deed. Never assume the title has been transferred into your name without proof. You can rely on MexLaw to provide that proof.
GUARANTY OF TITLE
It is important for owners, investors and mortgage lenders to secure a “good title” in order to have peace of mind about the property acquisition and a valid title when the time comes to sell the property. Once the transaction is concluded, a Title Guaranty will be issued by MEXLAW after a comprehensive title search has been carried out on the property and a clear ownership of title has been established. We will guarantee to the buyer a free and clear title to the property and assume the responsibility to correct or remedy any defect.
ESCROW SERVICES
When purchasing a property, an important consideration will be to determine under what conditions the transaction funds will be held and distributed. In most markets, attorneys or brokers will hold the transaction funds on behalf of the buyer. This is not recommended in Mexico, as neither Notaries, Mexican Lawyers nor real estate agents are certified by a government authority and legally cannot hold funds “In Trust”. MEXLAW offers fully insured Escrow Services by receiving the funds “In Trust” in a segregated special account held in a Canadian Bank. These funds are insured by our professional organization for an amount of $1,000,000 per transaction.
